Commercial Market Update – St Kilda Road Cityscope

 In Commercial data

The latest research from St Kilda Road Cityscope shows property sales have decreased in the past three months. For the three months to July 2017, there were 171 sales at a total value of $130.7 million, a decrease from 367 sales at a total value of $294.1 million from the previous quarter. This data brings the 12-month total to $940.3 million from 819 sales, a significant increase from the $610.3 million from 551 sales recorded over the previous year.

The table below shows sales recorded for the past eight updates of St Kilda Road Cityscope.

St Kilda Cityscope Quarterly SAles

Recent standout sales in July 2017 update of St Kilda Road Cityscope include:

  • The Palmerston Hotel at 51-59 Palmerston Crescent, South Melbourne, a two-storey building with a small rear yard and adjoining car parking area, constructed in 1880 and renovated in 1995, which was bought for $5.9 million;
  • Unit 3203 of Royal Domain Tower at 368 St Kilda Road, Melbourne, a three bedroom apartment located on level 32 in a 42-storey residential building plus two car parking lots, which were bought for $5.4 million;
  • Unit 2405 of Royal Domain Tower at 368 St Kilda Road, Melbourne, a three bedroom apartment located on level 24 in a 42-storey residential building plus three car parking lots, which were bought for $4.2 million.

Properties listed for sale in the July 2017 update of St Kilda Road Cityscope include:

  • 420 St Kilda Road, Melbourne, a mirror-clad office building of 12 levels including two basement car parking levels with 135 car parking spaces, completed 1982 and refurbished in 1999, with a net lettable area 10,528 sqm, for sale by international expressions of interest through CBRE Melbourne;
  • 19 Dorcas Street, Melbourne, a single-storey brick building, formerly a house, built around 1910 and renovated around 1982 and again in 2000 and 2006. There is parking for four cars to the rear on a site of 344 sqm, for sale with an asking price of $7 million through Hocking Stuart Commercial;
  • The Clivedon at 596 St Kilda Road, Melbourne, comprising unit 1-19, a three-storey brick block of 19 units with mixed commercial and residential use on a site of 1,804 sqm, for sale as a development site by international expressions of interest through Colliers International Melbourne and CBRE Melbourne

Significant leasing opportunities listed in the July 2017 update of St Kilda Road Cityscope include:

  • 484 St Kilda Road, Melbourne, a 16-storey office building with two levels of basement parking plus about 30 more parking spaces on paved land to the rear, for a total of 225 spaces, completed in 1983, which has office space ranging from 387 to 2,009 sqm available through Cushman & Wakefield and Thorburn Commercial Property;
  • Tabcorp Building at 4-6 Bowen Crescent, Melbourne, a 14-level office block with 8,000 sqm of office space above a 200-space, five-level car parking area; completed 1997, which has office space ranging from 878 to 1,900 sqm available through JLL Melbourne;
  • The former St Kilda Road Police Complex at 412 St Kilda Road, Melbourne, a 22-level, B grade office building including a seven-level, 174-space basement car parking station, which has office space ranging from 1,137 to 12,000 sqm available through Colliers International Melbourne and Thorburn Commercial Property.

Commercial Research

Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.For more information on Cityscope or any other CoreLogic products call 1300 734 318 or visit the website at www.corelogic.com.au/products/cityscope.
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